Staff Menu (IO ID#: 440130):
Completed Equity
Foxwood Apartments
Newark, DE
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100% funded
Offered By Aulder Capital
15.1%* TARGET IRR 14.1%-16.1%
Estimated Hold Period 5 years
Estimated First Distribution 6/2018
*Please carefully review the Disclaimers section below, including regarding Sponsor’s assumptions and target returns
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Project Summary
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Value-add acquisition of a multifamily asset by an experienced Real Estate Company in a strong market.
Property At A Glance
Year Built 1970-1974
Number of Units 414
Current Occupancy 96%
Parking Ratio 1.61 spaces per unit
Amenities Resort-style pool, playground,fitness center, picnic area and laundry facilities
Acquisition Price


Investment Highlights
Well-maintained asset with room for value-add renovations and improvements
Upside Potential: In-place rents at the Property are 15% below Axiometrics' reported Q3 2017 effective rent for the submarket
High demographic market with numerous demand drivers such as the University of Delaware, Christiana Hospital, Wilmington and Philadelphia
Experienced Real Estate Company with more than $160 million of multifamily properties purchased since 2012
Cumulative Distributions

Aulder Capital

Aulder Capital ("Aulder") is a New York City-based private real estate investment firm focused on investing in multifamily properties throughout New York City and the Northeast. Aulder currently manages a portfolio of over 1,500 units worth approximately $194 million and has sold approximately $14 million of assets since 2014.

Aulder seeks to earn attractive risk-adjusted equity returns for itself and for its investors. The firm is currently focused on the US Northeast, and seeks to identify value-added and opportunistic multifamily opportunities which can be repositioned and stabilized at current market levels. Aulder's in-house acquisition and structuring expertise allow it to quickly evaluate complex transactions in competitive time frames. In addition, the firm’s project and asset management backgrounds are integral in the execution of value-added strategies for their investments.

Realty Mogul previously invested with the Real Estate Company in the Foxwood Apartments transaction, which was acquired in Q4 of 2017.
  • Michael Zito
    Managing Partner
  • Lucien Zito
    Managing Partner
  • Igal Shany
    Managing Partner
  • Jonah Bamberger
    Managing Partner
Michael Zito
Managing Partner

Mr. Zito is a Managing Partner of Aulder Capital, and oversees the Acquisitions and Underwriting team. Mr. Zito has over 16 years of experience in the real estate industry. He previously worked at the private equity firm Partners Group, where he co-headed a team charged with identifying, structuring and executing debt/equity real estate transactions throughout the Americas. Prior to that, he was a Vice President at Lehman Brothers in their principal transactions group, where he originated and structured over $1.5 billion of first mortgage, mezzanine and equity real estate investments. While at Lehman Brothers, Mr. Zito also underwrote over $5 billion of investments. Spanning his career, he has invested in more than 80 different transactions including multifamily, office, for-sale residential, hospitality, retail and industrial asset types. In addition, Mr. Zito has directly managed and operated various middle-market multifamily properties in the New York area over the last decade. He holds a Bachelor’s Degree from Cornell University.

Lucien Zito
Managing Partner

Mr. Zito is a Managing Partner of Aulder Capital, and oversees the Asset Management team. He has over 11 years of experience in the real estate industry. Mr. Zito was previously a Mall Operations Manager with Macerich, over-seeing one of their premier retail properties. Prior to his time at Macerich, Mr. Zito worked for Vornado Realty Trust where he managed daily operations and tenant/landlord construction in one of their largest retail malls. Along with managing various departments at the property, he was also responsible for maintaining strict compliance with all NYC agencies. Earlier in his career, Mr. Zito was both a construction supervisor for Pavarini McGovern, where he supervised the construction of luxury residential and hotel properties, and a property manager for Urban American. At Urban American he managed over 1,100 residential units in Brooklyn and led both a violations abatement team and a construction team focused on residential renovations. He holds a Bachelor’s Degree from Cornell University.

Igal Shany
Managing Partner

Mr. Shany is a Managing Partner of Aulder Capital and is active on the investment committee and in the investor relations realm. In addition to his real estate investment activity, he currently serves as CFO of Kenshoo, an international technology company in the online marketing space. Prior to his current role Mr. Shany was the Vice President of Business Development and Marketing for Siemens Solar Thermal business unit where he was responsible for the project financing of several large infrastructure projects, raising several hundred million dollars in senior debt. Mr. Shany has also served as CFO of Solel Solar Systems and CFO of Saifun Semiconductors. As CFO of Solel he led its acquisition by Siemens AG for $420 million, and as CFO of Saifun he led its IPO & secondary offering on the Nasdaq where a total of $270 million was raised. Mr. Shany also serves on the board of Q-Core Medical. He has a Bachelor’s Degree and an MBA from Tel Aviv University and is a licensed CPA.

Jonah Bamberger
Managing Partner

Mr. Bamberger is a Managing Partner of Aulder Capital, and oversees the Finance and Investment Solutions teams. He was previously an investment manager at the Israel Infrastructure Fund, a private equity fund located in Tel Aviv, Israel, with over $1 billion in managed assets. He was responsible for the entire deal cycle from initial analysis and acquisition, through the investment life and concluding with the sale of assets. Prior to IIF, Mr. Bamberger worked at Siemens Solar Thermal business unit as Project Manager, responsible for promoting projects in Israel, including the $900 million bid for the Ashalim BOT project. Previously, Mr. Bamberger was a Manager at TASC Strategic Consulting providing project finance consulting services to the Israeli Ministry of Transportation, the Kazakhstan Ministry of Transportation, and private firms in Israel and Romania in the transportation and energy sectors. He holds a Bachelor’s Degree from Cornell University and an MBA from Tel Aviv University.

Track Record

Currently Owned Multifamily Assets
City State Units Year Acquired Purchase Price
Brooklyn NY 24 2015 $4,000,000
Brooklyn NY 31 2015 $6,250,000
Manhattan NY 90 2015 $15,950,000
Plainfield NJ 57 2016 $5,625,000
New Windsor NY 161 2016 $11,050,000
Albany NY 109 2016 $7,965,000
Manhattan NY 21 2016 $6,400,000
Groton CT 141 2017 $14,650,000
Manhattan NY 133 2017 $35,300,000
Manhattan NY 31 2017 $11,550,000
Bucks County PA 238 2017 $31,250,000
Newark DE 414 2017 $44,500,000
Total   1,450   $194,490,000
Exited/Partially Exited Multifamily Assets
City State Units Year Acquired Purchase Price Year Sold/Partially Sold
Brooklyn NY 6 2012 $1,000,000 2014
Brooklyn NY 12 2013 $2,775,000 2015
Brooklyn NY 25 2014 $3,875,000 2015
Brooklyn NY 8 2014 $2,500,000 2016
Brooklyn NY 6 2014 $975,000 2017
Brooklyn NY 10 2015 $2,600,000 2016
    67   $13,725,000  
Total Assets
  Units Purchase Price
Total 1,517 $208,215,000

The Real Estate Company's biography and track record were provided by the Real Estate Company and have not been verified by Realty Mogul or NCPS.

Business Plan

In this transaction, investors are to invest in Realty Mogul 99, LLC ("The Company"). The Company will subsequently invest in Foxwood Owner LLC ("The Target"), a limited liability company that indirectly holds title to the Property. The Real Estate Company purchased the Property for $44,500,000 ($107,488/unit) in October 2017, and the total project cost is up to $53,519,000 ($129,273/unit).

Aulder Capital (the "Real Estate Company") believes this investment offers a rare opportunity to participate in a value-add acquisition of a stabilized Property that can achieve upside value creation through a targeted capital improvement plan and intensive hands on management. The previous owner maintained the buildings well, but had not aggressively targeted operations to increase value. Additionally, since the acquisition, the Real Estate Company's property management affiliate, ZPM Management, has executed four leases. Two of those leases represent a $40 increase over post-renovation proforma rents while the other two are only $50 under post-renovation proforma rents. Those rents were achieved without doing any renovations. 

The Real Estate Company plans to spend approximately $9,400/unit renovating up to 373 units (90% of the Property) over the five-year hold at an average pace of six units/month. The underwriting assumes post-renovation rents that are 8% below the comp set and approximately $253 (27%) above in-place rents. The Real Estate Company plans to renovate approximately 90% of the units with the addition of washer and dryers to all of the units. Unit renovations will include opening the kitchen up to the living room as well as a new appliance package, counters, hardware, painting, flooring and lighting. The units at the Property currently do not have open layouts while nearly all higher quality competing properties do offer kitchens open to the common living space. Common area upgrades and various maintenance items totaling $2.7 million include a new clubhouse, fitness center, playground and dog park.

Representative Unit Layout


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Property, along with Aulder Capital (the "Real Estate Company"), is providing the opportunity to invest in the acquisition of Foxwood Apartments, a 414-unit multifamily Property located in Newark, DE (the "Property").

The primary objective of this investment is to acquire the Property, perform common area upgrades, interior renovations and improve management efficiencies, then sell the Property within approximately five (5) years.

The Real Estate Company sees this investment as an opportunity to capitalize on a well-occupied, well-maintained and well-located asset in an high-demographic and strong market that can be improved through targeted capital improvements and improved management and leasing efforts.

Property Details

Foxwood Apartments (the "Property") was constructed between 1970 and 1974 and matches the design and general features of comparable multifamily properties within the market. It is a 414-unit apartment community located in Newark, Delaware (11 miles from Wilmington, DE and 36 miles from Philadelphia, PA). The Property offers a range of units including 127 one-bedroom units, 284 two-bedroom units and three three-bedroom units in 31 three and four-story buildings across 27 acres. Amenities at the Property include a pool, playground, fitness center, picnic area and laundry facilities. The units are large and allow for efficient renovations.

In-Place Unit Mix
Unit Type # of Units % of Total Unit (SF) Total SF Rent/Unit Rent/SF
1 Bed, 1 Bath 20 5% 700 14,000 $894 $1.28
1 Bed, 1 Bath 106 26% 780 82,680 $895 $1.15
1 Bed, 1 Bath 1 <1% 780 780 $926 $1.19
2 Bed, 1 Bath 48 12% 780 37,440 $956 $1.23
2 Bed, 2 Bath 84 20% 870 73,080 $984 $1.13
2 Bed, 2 Bath 47 11% 870 40,890 $958 $1.10
2 Bed, 2 Bath 46 11% 865 39,790 $950 $1.10
2 Bed, 1.5 Bath 59 14% 960 56,640 $1,014 $1.06
3 Bed, 2 Bath 3 1% 1,000 3,000 $1,238 $1.24
Totals/Averages 414 100% 841 348,300 $956 $1.13

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Pre-Renovation Lease Comps
  The Preserve at Deacon's Walk Heritage Court Glen Eagle Village Liberty Pointe Cavalier County Club Apartments Comp Set Averages Subject - In-Place
# of Units 325 168 366 136 742 347 414
Year Built 1979 1970 1974 1977 1972 1974 1970-1974
Miles from Subject 1.7 2.5 4.4 5.1 6.1 4.0 -
1 Bedroom
# of Units 103 94 122 66 444 166 127
Average Rent $990 $885 $994 $928 $1,048 $1,005 $895
Average $/SF $1.32 $1.43 $1.42 $1.37 $1.41 $1.40 $1.17
2 Bedroom
# of Units 222 60 122 66 149 124 284
Average Rent $1,088 $995 $1,100 $995 $1,185 $1,095 $976
Average $/SF $1.10 $1.25 $1.19 $1.16 $1.21 $1.17 $1.12
3 Bedroom
# of Units N/A N/A N/A N/A 149 149 3
Average Rent N/A N/A N/A N/A $1,425 $1,425 $1,238
Average $/SF N/A N/A N/A N/A $1.14 $1.14 $1.24

Source: Axiometrics


Post-Renovation Lease Comps
  The Apartments at Pike Creek Apartments at Pine Brook Cooper's Place Christina Mill Comp Set Averages Subject - Post-Renovation Units
# of Units 264 308 425 228 306 414
Year Built 1988 1972 1968 1992 1980 1970-1974
Miles from Subject 0.3 4.7 5.1 6.1 4.1 -
1 Bedroom
# of Units 154 154 183 132 156 127
Average Rent $1,251 $1,200 $1,173 $1,314 $1,229 $1,150
Average $/SF $1.51 $1.50 $1.67 $2.15 $1.69 $1.50
2 Bedroom
# of Units 110 154 210 96 143 284
Average Rent $1,410 $1,357 $1,292 $1,553 $1,376 $1,228
Average $/SF $1.41 $1.43 $1.34 $1.61 $1.42 $1.41
3 Bedroom
# of Units N/A N/A 32 N/A 32 3
Average Rent N/A N/A $1,448* N/A $1,448 $1,525
Average $/SF N/A N/A $1.29 N/A $1.29 $1.53

* Cooper's Place 3 BR units are only 1 BA. Subject is a 3 BR/2BA.

Source: Axiometrics


Sales Comps

The Apartments at Pike Creek

The Bluffs at Pike Creek Stonebridge Apartments Stonegate Apartment Homes Autumn Park The Edge at Greentree Comp Set Total / Averages Subject
Date April-17 October-16 June-15 May-16 July-17 October-16 - -
# of Units 264 165 260 260 358 286 266 414
Year Built 1988 1973 1991 1992 1974 1966 1981 1970-1974
Purchase Price $40,920,000 $15,237,750 $27,550,000 $37,050,000 $35,500,000 $31,100,000 $32,464,977 $44,500,000
$/Unit $155,000 $92,350 $105,962 $142,500 $99,162 $108,741 $117,613 $107,488
Cap Rate 5.8% - - 6.0% 6.3% 6.4% 6.1% 6.3%
Miles from Subject 0.3 0.8 5.9 6.3 6.6 14.5 5.7 -

Foxwood Apartments is located about five miles from the University of Delaware, ranked by U.S. News as being among the top 30 public universities in the country in 2017. With about 23,000 students, it is the largest university in the state and employs over 4,000 people. Per the Real Estate Company, 43% of the students live on-campus while the remaining 57% live off-campus. While not a student housing community, Foxwood will benefit from the proximity to the university. Wilmington, DE contains a robust economy poised for continued economic expansion due to favorable corporate laws and no sales tax. It is the largest city in Delaware and is home to many companies such as Sallie Mae, Du Pont and AstraZeneca. In addition, there is a large concentration of financial firm campuses such as Bank of America, JP Morgan Chase and Barclays. Within four miles of the Property is Christiana Hospital, Delaware's only adult Level I trauma center. It houses 213 licensed beds and includes 22 hospital-based operating rooms and 10 outpatient operating rooms within a 1.3 million SF facility. It is home to Delaware's only Level 3 neonatal intensive care unit and the state's largest maternity center, where more than 7,100 newborns are delivered each year. The Christiana Hospital campus is also home to the Center for Heart & Vascular Health and the Helen F. Graham Cancer Center.

In addition to robust expansions at the University of Delaware, the region has been the home to several new, exciting developments along the Wilmington Riverfront. The city and local developers have made efforts to continue to expand the riverfront with additions like the Horizon Riverfront Rink, the Penn Cinema IMAX Theater and the Stratosphere Trampoline Park in addition to national hotel chains and new Class A apartment communities. Plans to turn a former steel mill site in Claymont into a business and transportation hub have been recently unveiled, which has the potential to create 5,000 jobs and spur additional development in the area per HFF.

Newark is located in western New Castle County, Delaware. Located along Interstate-95, greater Newark is a short drive from major cities including Wilmington, Philadelphia, Baltimore, New York City and Washington D.C. Several state thoroughfares pass through Newark, such as Route 896, Route 72, Route 273, Route 2, Route 4, and Route 279. Newark is connected to the Northeast Corridor by SEPTA and Amtrak railways, which has 90-minute-connections to New York City or Washington, DC.

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Market Overview

Per Axiometrics, effective rent for Wilmington increased 1.0% from $1,109 in the second quarter of 2017 to $1,120 in the third quarter of 2017, which resulted in an annual growth rate of 2.2%. Annual effective rent growth is forecast to be 2.3% in 2018, and average 2.8% from 2019 to 2021. Annual effective rent growth has averaged 2.7% since the third quarter of 1996. The market's occupancy rate decreased from 95.0% in the second quarter of 2017 to 94.8% in the third quarter of 2017, but was up from 94.1% a year ago. The market's occupancy rate was below the national average of 95.0% in the third quarter of 2017. For the forecast period, the market's occupancy rate is expected to be 94.2% in 2018, and average 93.9% from 2019 to 2021. The market's occupancy rate has averaged 94.4% since the third quarter of 1995.

Based on Axiometrics' identified supply of properties under construction, permits for 632 multifamily units were issued in the 12 months ending in August 2017, up 103 units from the prior year's sum. In terms of total residential housing, 2,117 units were permitted in the 12 months ending August 2017, an increase of 295 units from the prior year's total.

Demographic Information

Demographics 1 Mile 3 Miles 5 Miles
Population (2017) 9,062 65,233 169,910
Estimated Population (2022) 9,294 66,934 174,640
Population Growth (2010-2017) 2.8% 3.1% 4.1%
Estimated Population Growth (2017-2022) 2.6% 2.6% 2.8%
Average Household Income $85,460 $92,169 $91,564
Median Home Value $252,509 $260,913 $265,243
Average Household Size 2.3 2.5 2.5

Demographic information above was obtained from CoStar.

Sources & Uses

Total Capitalization
Sources of Funds Cost
Debt $34,319,000
Equity $19,200,000
Total Sources of Funds $53,519,000
Uses of Funds Cost
Purchase Price $44,500,000
Real Estate Company Acquisition Fee $667,500
Broker Dealer Fee $80,000
Capital Expenditures $2,193,000
General Contractor Fee $500,000
Unit Renovations $3,135,083
Closing Costs & Fees $1,942,721
Escrow & Upfront Payments $500,696
Total Uses of Funds $53,519,000
Debt Assumptions

The terms of the debt financing are as follows:

  • Lender: Freddie Mac - HFF
  • Loan Type: Agency
  • Proceeds: $34,319,000
  • Loan to Value: 75% of Appraised Value
  • Term: Seven (7) years
  • Rate: 4.04% fixed
  • Amortization: 30 years
  • Interest-Only Period: Four (4) years
  • Extensions: None
  • Prepayment: Defeasance during the first 60 months
  • Recourse: Non-recourse

The Target intends to make distributions of all available cash and capital proceeds to investors (The Company, Other LP investors and Real Estate Company, collectively, the "Members") as follows:

  1. Pro rata share of cash flow to an 8% preferred return hurdle;
  2. Return of capital;
  3. Excess balances will be split pro rata 80% to Members and 20% to Real Estate Company to a 15% IRR;
  4. Excess balances will be split pro rata 70% to Members and 30% to Real Estate Company

Note that these distributions will occur after the payment of The Company's liabilities (loan payments, operating expenses and other fees as set forth in the LLC agreement, in addition to any member loans or returns due on member loans).

The Company will distribute 100% of its share of excess cash flow (after expenses and fees) to the members of The Company (the investors).

Distributions are expected to start in June 2018 and are expected to continue on a quarterly basis thereafter. These distributions are at the discretion of the Real Estate Company, who may decide to delay distributions for any reason, including maintenance or capital reserves.

Targeted Cash Flows

  Year 1 Year 2 Year 3 Year 4 Year 5
Effective Gross Revenue $4,822,772 $5,308,892 $5,570,349 $5,820,102 $6,095,853
Total Operating Expenses $2,034,443 $2,098,785 $2,157,815 $1,938,443 $1,992,499
Net Operating Income $2,788,329 $3,210,107 $3,412,534 $3,881,600 $4,103,353

The Company Cash Flows

  Year 0 2018 2019 2020 2021 2022
Distributions to The Company ($2,024,100) $83,113 $165,860 $186,946 $235,814 $3,156,518
Net Earnings to Investor - Hypothetical $50,000 Investment ($50,000) $2,053 $4,097 $4,618 $5,825 $77,973

Certain fees and compensation will be paid over the life of the transaction. The following fees and compensation will be paid:

One-Time Fees
Type of Fee Amount of Fee Received By Paid From Notes
Acquisition Fee $667,500 Real Estate Company Capitalized Equity Contribution 1.5% of the Property purchase price
Broker-Dealer Fee $80,000 North Capital (1) Capitalized Equity Contribution 4.0% of equity raised by ($50,000 minimum)
Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Property Management Fee 3.0% of Effective Gross Income Real Estate Company Affiliate Distributable Cash  
Management and Administrative Fee 1.0% of amount invested in Realty Mogul 99, LLC RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of The Company and a wholly-owned subsidiary of Realty Mogul, Co.2

(1) Certain employees of Realty Mogul, Co. are registered representatives of, and are paid commissions by, North Capital Private Securities Corp., a Delaware corporation ("North Capital"). In addition, North Capital pays a technology provider services fee to Realty Mogul, Co. for licensing and access to certain technology, reporting, communications, branding, entity formation and administrative services performed from time to time by Realty Mogul, Co., and North Capital and Realty Mogul, Co. are parties to a profit sharing arrangement.

(2) Fees may be deferred to reduce impact to investor distributions.

The above presentation is based upon information supplied by the Real Estate Company or others. Realty Mogul, Co., RM Manager, LLC, and The Company, along with their respective affiliates, officers, directors or representatives (the "RM Parties") hereby advise you that none of them has independently confirmed or verified any of the information contained herein. The RM Parties further make no representations as to the accuracy or completeness of any such information and undertake no obligation now or in the future to update or correct this presentation or any information contained herein.


Forward-Looking Statements

Investors should not rely on any forward-looking statements made regarding this opportunity, because such statements are inherently uncertain and involve risks. We use words such as “anticipated”, “projected”, “forecasted”, “estimated”, “prospective”, “believes”, “expects”, “plans”, “future”, “intends”, “should”, “can”, “could”, “might”, “potential”, “continue”, “may”, “will” and similar expressions to identify these forward-looking statements.

Non-Transferability of Securities

The transferability of membership interests in The Company are restricted both by the operating agreement for that entity and by U.S. federal and state securities laws. In general, investors will not be able to sell or transfer their interests. There is also no public market for the investment interests and none is expected to be available in the future. Moreover, the estimated investment holding period described herein is only a projection, and there can be no assurance when or if an investment may be liquidated. Persons should not invest if they require any of their investment to be liquid. This is particularly important for persons of retirement age, who should plan carefully to assure that their assets last throughout retirement.

Apartment Complex - Competition

Competition in the Property’s local market area is significant and may affect the Property’s occupancy levels, rental rates and operating expenses. The Property will compete with other residential alternatives to attract tenants, including but not limited to other apartment units that are currently available for rent, new apartments that are built and condominiums/houses that are for rent or sale. If development of apartment complexes by other operators were to increase, due to increases in availability of funds for investment or other reasons, then competition with the Property could intensify. If the Property is not able to successfully compete with the competitive residential alternatives in the local or regional area this could adversely affect the ability of the Target to sell the Property, rent its units as necessary to maintain occupancy, and/or to increase or maintain unit rental rates.

Risks Related to Mortgage Interests

The Target has obtained a senior loan (the “Loan”) to, in part, acquire the Property on or about October, 2017. The Loan is subject to a seven-year term, with an interest-only period of four years at a fixed interest rate, and an amortization schedule of 30 years. The Loan includes a defeasance period during the first 60-months, and may involve a prepayment penalty. Financing risk is inherent in the mortgage lending industry, and there can be no assurance that both the Real Estate Company and lender will complete and consummate each of their respective obligations under the financing agreement, which may affect the rates and terms included in the underwriting model for this investment opportunity. Should the terms of the financing change materially and adversely, we currently plan to notify investors assuming it is practicable. The Target may be unable to take advantage of more favorable financing terms if it is required to refinance the Loan. If the Target seeks alternative financing, there can be no assurance that the Target will be able to obtain such refinancing on a timely or favorable basis. The loan being used to acquire the Property is interest-only for the first three years, which means that there will be no reduction in the principal balance during that period.

Capital Call Risk

The amount of capital that may be required by the Target from the Company is unknown, and although the Target may not require that the Company and its members contribute additional capital to it, it may from time to time request additional funds from its other members, request loans from the Target or sell additional equity. The Company does not intend to participate in a capital call if one is requested by the Target, and in such event the manager of the Target may accept additional contributions from other members of the Target or from new members. In the event that the manager of the Target advances any capital on behalf of the Company, it will be deemed to be a manager loan at an expected interest rate that is commercially reasonable. Additional amounts that are contributed by existing or new members will be deemed to be additional capital contributions, in which case the Company's interest in the Target will potentially suffer a proportionate amount of dilution, which may in turn, affect the rate of returns the Company's investors may receive.


The above is not intended to be a full discussion of all the risks of this investment. Please see the Risk Factors in the Issuer Document Package for a discussion of additional risks. The above presentation is based upon information supplied by the Real Estate Company and others. Realty Mogul, Co., RM Manager, LLC, and The Company, along with their respective affiliates, officers, directors or representatives (the "RM Parties") hereby advise you that none of them has independently confirmed or verified any of the information contained herein. The RM Parties further make no representations as to the accuracy or completeness of any such information and undertake no obligation now or in the future to update or correct this presentation or any information contained herein.



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